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In the light of news that EU competition investigators are probing the Oil market for possible manipulation, we are calling on the UK bodies that regulate and monitor the markets to open up their investigations into these allegations and the impact of any such manipulation has had on UK families, businesses and the UK economy.
Our lead spokesman Quentin Willson wrote to the Financial Services Authority (FSA*) some months ago drawing their attention to potential â€˜whistle blowerâ€™ evidence and received a disappointing response. In addition, Quentin and the team held several meetings with the Office of Fair Trading (OFT). The OFT carried out an initial inquiry into whether they should have a full blown inquiry. However, in January, they announced that they were not going ahead with the in depth investigation as they had concluded that the market was working well.
On all counts, we were left feeling disappointed and frustrated. The fact that EU investigators have now acted gives a new momentum to the situation. We are renewing our call for UK regulators to act.